Blue Owl Backs IREN with Record-Breaking GPU Financing Package

Blue Owl Capital has led a $2.4 billion debt financing package for IREN Ltd., providing funds to acquire Nvidia's Blackwell Ultra GPUs for its data center campus in western Canada.

The deal, which includes a senior secured term loan of $1.2 billion and $1.2 billion in senior secured notes, carries an interest rate of 9% and matures two and a half years after funding.

Kurt Tenenbaum, a senior managing director at Blue Owl, described the transaction as 'a combination of equipment financing for GPUs and a direct lending underwrite for IREN.' He noted that it's a 'unique' arrangement and one of the largest of its kind.